3/15, 10:23 AM (Source: TeleTrader)
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IEA: China's recovery to bring record oil demand in H2

The International Energy Agency (IEA) stated on Wednesday in its latest Oil Market Report, the March edition, that China's recovery and seasonal trends are expected to boost the demand for crude to record levels in the second half of 2023. Global oil demand is anticipated to reach whopping 102 million barrels per day this year.

When it comes to world oil supply, the figure grew by 830,000 barrels per day in February to 101.5 million barrels per day, "as the US and Canada rebounded strongly from winter storms and other outages," it was said in the report.

"The market is caught in the cross-currents of supply outstripping still-lackluster demand, with stocks building to levels not seen in 18 months. Much of the supply overhang reflects ample Russian barrels racing to re-route to new destinations under the full force of EU embargoes," IEA concluded.

Baha Breaking News (BBN) / AY